Intel Seeks $11 Billion Funding for Irish Investment

Intel entered into advanced discussions with a US-based investment company for $11 billion in funding for a chip manufacturing plant in Ireland. The deal is expected to close in the coming weeks.

The exclusive talks with Apollo Global Management are another element of Intel CEO Pat Gelsinger’s attempt to diversify its manufacturing operations into regions outside of Asia while better competing against Nvidia and TSMC. The deal could be similar to an arrangement Intel struck in 2022 with Brookfield Asset Management to invest up to $15 billion in a manufacturing expansion in Arizona.

The EU unveiled the European Chips Act in 2022, a €43 billion subsidy plan to double the continent’s chipmaking capacity by 2030. Intel announced in March it is in line to receive up to $8.5 billion in direct funding from the US CHIPS and Science Act as part of a commitment to invest $100 billion into chip manufacturing over five years.

Intel separately announced it appointed Kevin O’Buckley as SVP and GM of its Foundry Services, the customer service and operations division of Intel Foundry. He will replace Stuart Pann, who will retire at the end of the month after 35 years with the company. O’Buckley was previously SVP of hardware engineering for the custom, compute, and storage group at Marvell Technologies.